Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021 and 3000 in 2020, and if accounts payables balances are 14000 in 2021 and 2000 in 2020. Which of the following is cash payment for COGS (cash inputs)?Sales 75,000-COGS 55,000Gross Profit 20,000-Operating Expenses 8,000Operating Profit 12,000-Interest Expense 2,000Profit before Tax 10,000-Tax 3,000Net Profit 7,000 Select one:a. 69000b. 50000c. 60000d. 73000

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Answered: Power Company's income statement for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021 and 3000 in 2020, and if accounts payables balances are 14000 in 2021 and 2000 in 2020. Which of the following is cash payment for COGS (cash inputs)?

Sales	75,000
-COGS	55,000
Gross Profit	20,000
-Operating Expenses	8,000
Operating Profit	12,000
-Interest Expense	2,000
Profit before Tax	10,000
-Tax	3,000
Net Profit	7,000

Select one:

a. 69000

b. 50000

c. 60000

d. 73000

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